If you imagine a typical consumption smoothing over the lifecycle scenario, unexpectedly increasing lifespans and devaluing savings will both lead to underfunded retirements.
Where the breakdown of normal relationships factors in is that the oldsters have less (or don't look to) family, church, friends, fraternal order, etc. when things get tough. Instead they just turn to the state.
Further, in a society with those thick networks of relationships, people might be less willing to fleece others politically because it's more likely that they have a connection to them.
If you imagine a typical consumption smoothing over the lifecycle scenario, unexpectedly increasing lifespans and devaluing savings will both lead to underfunded retirements.
Where the breakdown of normal relationships factors in is that the oldsters have less (or don't look to) family, church, friends, fraternal order, etc. when things get tough. Instead they just turn to the state.
Further, in a society with those thick networks of relationships, people might be less willing to fleece others politically because it's more likely that they have a connection to them.